Introduction One figure keeps showing up in conversations about Nigeria’s tax reforms: ₦800,000 Many Nigerians now ask: “If I earn less than ₦800,000, am I exempt from tax?” “Does this apply to POS agents?” “Is it monthly or yearly?” At FintechTodayNews.com, we break down what the ₦800,000 threshold really means — without confusion or fear. What Is the ₦800,000 Tax Threshold? The ₦800,000 threshold refers to annual income, not monthly earnings. In simple terms: If your total annual income is ₦800,000 or less, you may pay little or no personal income tax It is tied to reliefs and allowances,…
Author: FinTech Today
Can You Be Taxed Without a Bank Account in Nigeria? Introduction Many Nigerians believe that staying outside the banking system means staying outside the tax net. But with fintech apps, POS machines, and digital payments everywhere, that belief is increasingly risky. A common question we hear at FintechTodayNews.com is simple but important: “If I don’t have a bank account, can I still be taxed?” The short answer: Yes – depending on how you earn and transact. Here’s the full explanation, without fear or misinformation. The Old Thinking: No Bank Account, No Tax For years, many informal workers operated entirely in…
How Fintech Apps Share Data With Regulators (What Users Should Know Introduction As fintech apps replace traditional banking for millions of Nigerians, a common concern keeps coming up: “Do fintech apps share my data with the government?” For POS agents, small businesses, and everyday users, this question has become more urgent with Nigeria’s proposed 2026 tax reforms and increased digital monitoring. At FintechTodayNews.com, we explain what actually happens, what the law allows, and what users should realistically expect—without panic or misinformation. Why Regulators Monitor Fintech Activity Nigeria’s financial system is regulated to: Prevent fraud and money laundering Protect consumers Enforce…
Revenue vs Profit vs Turnover: The Biggest Tax Confusion Hurting Nigerian Small Businesses Introduction One of the biggest reasons Nigerian small businesses fear tax is confusion—not taxation itself. Terms like revenue, turnover, and profit are often used interchangeably in everyday conversation. Under Nigerian tax law, however, they mean very different things, and misunderstanding them can lead to over-taxation, penalties, or estimated assessments. At FintechTodayNews.com, we break these concepts down in plain language and explain why understanding the difference is critical for POS agents, SMEs, and informal businesses. What Is Turnover? Turnover refers to the total amount of money that passes…
How Much POS Agents Really Make in Nigeria: A Realistic Breakdown Introduction There is a widespread belief that running a POS business in Nigeria is easy money. The reality on the streets tells a very different story. At FintechTodayNews.com, we analyzed how POS agents actually earn, what they spend, and what remains as real profit – because discussions around taxation, regulation, and compliance must be grounded in reality, not assumptions. How POS Agents Earn Money POS agents earn income primarily through service commissions, including: Cash withdrawal commissions Transfer fees Bill payments and airtime sales Typical commission per transaction ranges between…
Will Nigerians Be Taxed on Loans in 2026? What the Law Really Says Introduction As Nigeria prepares for its proposed 2026 tax reforms, confusion is spreading—especially around one sensitive question: “If I collect a loan, will I be taxed on it?” For POS agents, small business owners, and fintech users who depend on loans to run daily operations, this concern is understandable. At FintechTodayNews.com, we break down what Nigerian tax law actually says without panic, exaggeration, or misinformation. What Nigerian Tax Law Says About Loans Under Nigeria’s existing tax framework, the position is clear: Loans are not income Tax applies…
Safaricom’s $310 Million Debt Raise: Full Update on Bond Issuance and What Comes Next Safaricom PLC, Kenya’s largest telecommunications and digital services company, is midway through a landmark debt-raising programme worth approximately $310 million (about KSh 40 billion), marking one of the biggest corporate fundraising efforts in East Africa’s capital markets. What Is Safaricom Raising? In November 2025, the Capital Markets Authority (CMA) approved Safaricom’s plan to launch a Domestic Medium-Term Note (MTN) programme worth up to KSh 40 billion (≈ $308 million). This initiative allows the company to raise long-term capital in multiple tranches—which can include green, social,…